Static Budget and Actual Operating Profit - Report Writing Accounting and Finance Assignment Help

Assignment Task:

PART   
You have developed the following standard costs and budget for the month of March 2020: Average selling price per coffee mug $8.20 Direct materials - Direct materials cost per gram $0.036 - Number of grams per coffee mug 100 Direct manufacturing labour - Direct manufacturing labour cost per hour $15.00 - Average labour productivity rate (coffee mugs per hour) 100 sales commission cost per coffee mug $0.72 Fixed overhead $990,000 

• Budgeted sales for March in units Budgeted hours - 700,000 units / 100 units per hour 
• The following are the actual results for March 2020: 
• 700,000 
• 7,000 

• Unit sales and production were 90% of budget.

• Actual average selling price per coffee mug was $8.30.

• Actual direct materials cost per gram was $0.039.

• Direct materials used amounted to 100 grams per coffee mug.

• Actual direct manufacturing labour cost was $15.20 per hour.

• Productivity dropped to 90 coffee mugs per hour.

• Actual sales commissions were $0.70 per coffee mug.

• Fixed overhead costs were $20 000 above budget. 

Required 
Prepare a report to the company's chief executive officer showing the following for March 2020: 
1. Static-budget and actual operating profit.

2. Static-budget variance for operating profit.

3. Detailed flexible-budget operating profit and variance with actual results.

4. Net total flexible-budget variance for operating profit.

5. Net total sales-volume variance for operating profit.

6. Price and efficiency variances for direct materials.

7. Price and efficiency variances for direct manufacturing labour.

8. Net flexible-budget variance for direct manufacturing labour. 

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